GOLD → Price continues to form a downtrend

26 set 2023

XAUUSD is breaking another support line again. Bearish prerequisites, which I previously wrote about, putting the market in the phase of realization of accumulation, a high chance of continuation of the fall

On the chart we see the formation of a global consolidation range. The price breaks the support at 1915.3. The correction after the breakout is formed, which flows into the consolidation phase. Price consolidation under the flat support will form a bearish potential and a convenient entry point for further sales. Earlier I wrote about strong sell-offs, all the resistance, retest, all this was the formation of a large bearish position. Last week we met Powell's speech, who did not give any specifics, but at the same time made it clear that the dollar will continue its strengthening. The index has discovered a new corridor that could cause gold to fall lower. The moving averages are forming another bearish signal.

Resistance levels: 1915.3, 1922.4.
Support levels: 1910, 1908
I expect the decline to continue after consolidation below 1915. A false breakout is possible, but the prospect is 1910, 1901

XAUUSD GC1! GOLD DXY SILVER SI1! XAGUSD

Regards R. Linda!

26 set 2023

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